The US markets closed higher on Monday, with the S&P 500 climbing to a record close just shy of 2,000, as stocks received a lift from deal activity and hints of more stimulus from the European Central Bank. The economic activity accelerated in July, according to the national activity index from the Chicago Fed. The index rose to 0.39 from 0.21 in July and the three-month average rose to 0.25 from 0.16 in June. Readings above zero indicate above-trend growth. The index is a weighted average of 85 different economic indicators. However, sales of new single-family homes fell 2.4% in July to a seasonally adjusted annual rate of 412,000, the slowest pace in four months, led by drops in three of four US regions. The government upwardly revised June’s sales pace to 422,000. The only region that saw faster sales in July was the South, the country’s largest market for new-home sales.
The Dow Jones Industrial Average added 75.65 points or 0.44 percent to 17,076.87, the Nasdaq edged up 18.80 points or 0.41 percent to 4,557.35, while the S&P 500 ended higher by 9.52 points or 0.48 percent to 1,997.92.
The Indian ADRs closed mostly in red on Monday; ICICI Bank was down by 0.80%, Wipro was down 0.13% and HDFC Bank was down by 0.09%. On the other hand, Dr. Reddy’s Lab was up by 0.38% and Infosys was up by 0.31%.